Where Can You Still Find a Home at a Great Price?

Salt Lake City, the largest urban area in the Intermountain West, has a population of about 200,000 residents who call the mountainous city home. It’s known for its scenic beauty and its healthy economy. And while Salt Lake City ranks as the most expensive city in Utah, it’s quite affordable by national standards.

Coldwell Banker ranked over 2,000 U.S. cities in its 2016 Home Listing Report. Because the average size home can vary greatly from market to market, the report compares the average price of four-bedroom, two-bathroom homes in each city to provide a more apples-to-apples comparison.

The average price of such a home in Salt Lake City was $424,867, which ranks 486th nationally. Homebuyers can purchase nearly six Salt Lake City homes for the price of one in the country’s most expensive market, Saratoga, where the average price for a sample-size home was a whopping $2,453,718.

“While there are 25 communities in the U.S. where the average price of a four-bed, two-bath home is more than $1 million, it’s fascinating to find that nearly 40 percent of the cities we studied had like-sized homes for less than $250,000,” said Charlie Young, president and chief executive officer of Coldwell Banker Real Estate LLC.

Here in Utah, the cities included on the report range from $424,867 in Salt Lake City to $151,133 in Richfield. Overall, the average listing price of a four-bedroom, two-bathroom home in Utah as a whole was $268,817.

Top 10 Utah Markets

  1. Salt Lake City, UT, $424,867
  2. Sandy, UT, $357,817
  3. Herriman, UT, $325,777
  4. West Jordan, UT, $318,312
  5. North Salt Lake, UT, $302,931
  6. St. George, UT, $302,174
  7. Lehi, UT, $288,638
  8. Layton, UT, $279,408
  9. Hurricane, UT, $259,700
  10. Cedar City, UT, $229,447

Click here to view the full Utah state ranking for 2016.

Curious to see what a standard four-bed, two-bath in Salt Lake City looks like? Check out this property listed for $449,000 in the city’s Sugarhouse neighborhood.

To see how your city stacks up against the rest of the country, an interactive list of the most affordable and expensive markets in each state can be viewed on the Coldwell Banker® HLR website.

ABOUT THE 2016 COLDWELL BANKER® HOME LISTING REPORT

  • The annual report is the most extensive home price comparison tool currently available in the U.S., ranking the average listing price of four-bedroom, two bathroom homes in more than 2,000 markets.
  • While other affordability reports provide average or median prices for all homes in a given area, the Coldwell Banker® HLR analyzes more than 50,000 four-bedroom, two-bathroom home listings to better address how much a home in one market would cost if the same home were located somewhere else in the country.
  • The national average listing price of a four-bedroom, two-bathroom home is $320,120 which, on average, can buy a sample size home in nearly 1,300 markets across the country.

The Coldwell Banker® U.S. Home Listing Report analyzes the average listing price of four-bedroom, two-bathroom real estate properties on coldwellbanker.com between January 2016 and June 2016 for 51,163 listings in 2,168 markets. The Coldwell Banker franchised affiliates, as well as other franchise brands associated with Realogy Holdings Corp, contribute to listings on coldwellbanker.com. Markets without at least 10 four-bedroom, two-bathroom listings on coldwellbanker.com between January 2016 and June 2016 were excluded from the ranking.

By |2016-09-21T16:41:00-06:00September 9, 2016|

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